Homeowners fall behind with their mortgage payments for many reasons; unemployment, medical issues, divorce or separation, a death in the family or even property damage as a result of Hurricane Sandy. Whatever the reason, if a homeowner falls too far behind with their mortgage payments, their lender will commence a foreclosure action. The purpose of this action is to get the court's permission to sell the property at a public auction. Once this takes place, the new owner of the home, usually the lender itself will forcible evict all occupants from the home. The most effective way to prevent this is to negotiate a mortgage modification agreement with the lender so the homeowner is no longer behind and keep their home.
Before retaining us, many of our clients had been trying to modify their mortgage loans for months and sometimes years. Some of them even paid various out of state 'modification companies' thousands of dollars to help. When we checked with the lenders, we usually found that other than sending the lender an authorization letter, these modification companies did absolutely nothing. Other homeowners attempted the modification procedure themselves; however, many of them found that their lenders were unresponsive, denied that it received paperwork that the homeowners had sent them, lost documents that they sent them and when they called the lender, either placed the homeowners on hold forever or sent them to a different person each time they called, each representative telling them something different from the last.
At Kinzer & Musikar, our goal is to prevent this from happening. Specifically, we intervene on the homeowners' behalf and work with the lender to modify the mortgage loan to lower the interest rate and place the missed payments at the back end of the loan and/or spread them over the life of the loan. We can even possibly reduce the balance of the loan to the fair market value of the property. We are experts in preparing the paperwork the lenders need in order to approve a modification, the diverse programs our clients may be eligible for and the various formulas lenders use in order to approve or deny a mortgage modification application.
If you live in either Nassau or Suffolk Counties and have received legal papers to foreclose against your home or even if you are just behind with your mortgage payments, give Kinzer & Musikar a call at 631-321-4444 to make a free, no obligation appointment at our Deer Park office conveniently located at 2061 Deer Park Avenue (Route 231) approximately 1 mile south of Exit 51 of the Long Island Expressway and approximately 2 miles north of Exit 39 of the Southern State Parkway.